General Dynamics has reported net earnings of $1.1 billion for the fourth quarter of 2024, a 14.2% increase compared to the same period last year, on revenue of $13.3 billion, up 14.3%. The company's diluted earnings per share (EPS) for the quarter was $4.15, up 14% year-over-year.

For the full year, General Dynamics achieved net earnings of $3.8 billion, up 14.1% from 2023, on revenue of $47.7 billion, a 12.9% increase from the previous year. Diluted EPS for the full year was $13.63, reflecting a 13.4% increase compared to 2023.

“We had a solid fourth quarter, capping off a year that saw steady growth in revenue and earnings across all four segments,” said Phebe N. Novakovic, Chairman and CEO. “Order activity continued to be very strong, with 1-to-1 book-to-bill for the year, even as revenue grew by 13%, positioning us well for continued growth.”

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General Dynamics’ Gulfstream division delivered 47 aircraft in the fourth quarter, including 42 large-cabin aircraft. For the year, Gulfstream delivered a total of 136 aircraft, with 118 being large-cabin models.

Net cash provided by operating activities for the quarter was $2.2 billion, or 188% of net earnings. For the full year, operating activities generated $4.1 billion in net cash, or 109% of net earnings. The company invested $916 million in capital expenditures, made tax payments of $560 million, and repaid $500 million in fixed-rate notes. General Dynamics returned $3 billion to shareholders through dividends and share repurchases and ended the year with $1.7 billion in cash and equivalents.

Strong Backlog and Orders

General Dynamics reported a consolidated book-to-bill ratio of 0.9-to-1 for the fourth quarter and 1-to-1 for the full year. The company ended 2024 with a backlog of $90.6 billion, including an estimated potential contract value of $53.4 billion from unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, bringing the total estimated contract value to $144 billion, up 9.1% year-over-year.

The Aerospace segment saw fourth-quarter orders totaling $3.8 billion, with a year-end backlog of $19.7 billion. The Aerospace book-to-bill ratio was 1-to-1 for both the quarter and the full year.

In its defense segments, General Dynamics secured several key contracts, including a U.S. Air Force contract worth up to $5.6 billion to modernize and operate Mission Partner Environments (MPEs), a U.S. Space Force contract valued at $2.2 billion for sustainment services of the Mobile User Objective System (MUOS) satellite communications system, and multiple U.S. Navy contracts for Virginia-class submarines valued at $1.9 billion. Other significant awards include contracts for 155mm artillery projectiles, munitions, and classified projects totaling up to $3.6 billion.

About General Dynamics Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company offering a broad range of products and services, including business aviation, shipbuilding and repair, land combat vehicles, weapons systems, munitions, and technology services. The company employs over 110,000 people worldwide and generated $47.7 billion in revenue in 2024. For a more detailed report, visit General Dynamics' official website.